浙江省场外交易市场发展策略研究

发布时间：2018-01-03 07:20

本文关键词：浙江省场外交易市场发展策略研究　出处：《吉林大学》2014年硕士论文　论文类型：学位论文

【摘要】：近几十年，我国来金融体系的重点构建方向是建设多层次资本市场。我国场外交易市场的发展一直较为缓慢，与相对成熟的主板、中小板和创业板市场相比发展基础较为薄弱。场外交易市场是多层次资本市场不可或缺的重要组成部分，我国的场外交易市场已经经历了近30年的发展，形成了代办股份转让系统、地方产权交易市场、区域股权交易市场等初步的市场。但是，对比发达国家成熟的资本市场，由于监管缺位，制度设计缺陷，在运作上大多各自为政，缺少统一的全国性规划，导致我国场外交易市场交投清淡，效率不高。[1] 浙江省民营经济发达，中小企业众多，市场投资氛围浓烈，是场外交易市场发展的一片沃土。以浙江省股权交易中心为代表的区域性股权交易市场，立足于服务中小企业，为省内具有上市、成长潜质的企业架构了一块连接沪深证券交易所的“跳板”。其目标定位是通过推动企业资产重组、行业资本整合，形成上市公司后备资源培育筛选机制等形式来建立一个全省性未上市公司股份合理流动、资源有效配置的公共平台。同时，也为风险资本基金、股票型基金等提供投资机会和退出平台，保证股权流动性服务。运行两年多来，已有838家企业挂牌上市，托管总市值约230亿元，颇具规模，逐步稳定、持续健康发展，但在盈利模式、监管制度、运行机制等方面存在着一定问题，某种程度上制约了浙江省场外交易市场的发展。[2] 本文首先阐述了本研究的意义，也就是发展场外交易市场的意义，正是发展场外市场的重要性所以要加强对其的研究。本研究接下来对场外交易市场的基本理论进行了总结与概述，以理论为基础，本研究概括了全国以及浙江场外交易市场的发展历程，并对现有场外交易市场的运作现状进行了剖析，并找出了现有场外交易市场存在的问题与不足。鉴于此，本研究又对海外成熟的场外交易市场进行了分析，总结了海外场外交易市场发展的经验，并总结出海外场外交易市场的发展对我国场外交易市场带来的启示。基于以上的分析，结合浙江省场外交易市场的发展现状，最后针对浙江省场外交易市场的发展模式，，为其未来的发展提出了构想和改进策略。通过本论文的研究可知，我国的场外交易市场长期以来一直处于非正式的发展状态，未能形成规范化的市场。因此，尽快解决场外交易市场的发展“短板”，加强监管与监督体制改革，丰富资本市场层次体系，是解决中小企业融资难题，帮助高层次市场企业孵化和退出，推进区域经济发展，确保我国经济可持续性健康协调发展的重要途径。
[Abstract]:In the past several ten years, the focus of China's financial system is to build a multi-level capital market. The development of over-the-counter market in China has been relatively slow, and relatively mature motherboard. OTC market is an indispensable part of multi-level capital market. The OTC market in China has experienced nearly 30 years of development. Formed the agency share transfer system, local property rights trading market, regional equity trading market and other preliminary markets. However, compared with the mature capital markets in developed countries, because of the absence of supervision, the system design defects. In operation, most of them have their own affairs and lack of unified national plan, which leads to the low turnover and low efficiency in the over-the-counter market of our country. [1] Zhejiang Province is a fertile land for the development of over-the-counter trading market, with a large number of small and medium-sized enterprises and a strong investment atmosphere. The regional equity trading market is represented by the Zhejiang Stock Exchange Center. Based on serving small and medium-sized enterprises, a "springboard" linking the Shanghai and Shenzhen stock exchanges has been set up for the enterprises with listing and growth potential in the province. Its goal is to promote the reorganization of enterprise assets and the integration of industry capital. To establish a public platform for the rational flow of shares and the effective allocation of resources in all provincial unlisted companies. At the same time, it is also a venture capital fund. Stock funds provide investment opportunities and exit platform to ensure equity liquidity services. Over the past two years, 838 enterprises have been listed on the market, the total custody of market value about 23 billion yuan, considerable scale, gradually stable. However, there are some problems in profit mode, supervision system and operation mechanism, which restrict the development of the over-the-counter market in Zhejiang Province to some extent. [2] This paper first expounds the significance of this study, that is, the development of over-the-counter market significance. It is the importance of the development of over-the-counter market so we should strengthen the research. Then this study summarizes and summarizes the basic theory of over-the-counter market based on the theory. This study summarizes the development of the over-the-counter market in China and Zhejiang Province, analyzes the current operating situation of the over-the-counter market, and finds out the existing problems and shortcomings of the over-the-counter market. This study also analyzes the overseas mature OTC market and summarizes the overseas OTC market development experience. And summarizes the overseas over-the-counter market development to our country over-the-counter market brings enlightenment. Based on the above analysis, unifies the Zhejiang Province over-the-counter market development present situation. Finally, aiming at the development mode of the OTC market in Zhejiang Province, this paper puts forward the conception and the improvement strategy for the future development of the OTC market. Through the research of this paper, we can know that the OTC market in our country has been in the informal development state for a long time, has not formed the standardized market, therefore, as soon as possible, solves the over-the-counter market development "the short board". Strengthening the reform of supervision and supervision system, enriching the capital market hierarchy system is to solve the financing problem of small and medium-sized enterprises, help high-level market enterprises hatch and exit, and promote regional economic development. The important way to ensure the sustainable and healthy development of our economy.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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